Mangaluru, Jun 2: The much awaited Rs 120 crore market complex at Surathkal has received a special financial boost as the state government has approved for the release of Rs 50 crore through the CMs special grants.
Thanking chief minister Siddaramaiah, Mangaluru City North MLA B A Mohiuddin Bava said at a press meet that the government's order proved former minister Krishna J Palemar wrong. Mr Palemar had recently stated that state government in general and CM in particularly cannot so wantonly sanction special grants for a single project.
The government order from the secretary, UD department to the director, directorate of municipal administration makes it mandatory for preparation of estimate and get the same approved by the competent authority followed by administration approval.
Mr Bava said the entire project which includes state-of-the-art commercial complex will cost Rs 120 crore. “The first phase of the complex project will cost an estimated Rs 61 crore and efforts are on to raise the balance Rs 11 crore from various sources,” he said.
"Our own quick back of the envelope calculation indicate that rentals from new complex will fetch around Rs 20 crore per annum and quite a few stakeholders including public sector banks have evinced interest to buy/rent space in the proposed complex," he said.
The Rs 50 crore sanctioned by CM Siddaramaiah is the single largest allocation of CMs special funds to any urban local body in Karnataka and that too for one project, Mr Bava said adding he will bring CM to lay foundation stone for this work shortly.
Comments
Add new comment